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>>> you're watching "worldwide exchange." i'm ross westgate. a recap of the headlines. the u.s. government says it is still seeking an international coalition on syria, playing down speculation it will go alone. this after british lawmakers vote against taking action for the alleged use of chemical weapons. >>> volatility continues ahead of india's crucial gdp release with growth expected to stay below 5% at decade lows. >>> and shares of kpn plunge after carlos slim and america movil says it could drop the bid for the telecom group following a dutch foundation's move to block the takeover. >>> zurich insurance says it is looking into whether undue pressure was put on its late cfo before his death. also confirming the presence of a suicide note that mentions joseph ackermann. >>> hello, welcome to the last "worldwide exchange" of the week. plenty to get through, though, on today's program. l'oreal jumped. is the world's biggest cosmeticmaker putting on the final touches to buy a stake of nestle. >>> hamburg is one of the world's busiest ports. we'll be in hamburg to discuss at
of the u.s. retail sales later on today. gilts, the yield at 2.49%, just below that 2.5% level. we did see it above that level, about half an hour ago. now, of course, we get uk inflation data for the month of july. that will be a key focus for the gilt markets and the sterling dollar up here, which is currently unchanged, changing hands at 154.64. aussie dollar we did see confidence at an eight-month low, down by .1%. and dollar/yen, seeing that strong surge following yesterday's gains, up by .9% in today's session. look, there is these reports in the nikkei newspaper saying that shinzo abe may offset the rise in the consumption tax with a cut in the corporate tax. these reports aren't new, but certainly fueling that rally in the nikkei today and leading to a lower yen. now, let's check in on markets in asia. li sixuan is in singapore. good afternoon to you, sixuan. >> thank you. the market lagered yesterday and was the top gainer in today's trade. rallying 2.6%, helped by a weaker yen and hopes of a lower corporate tax rate. the rest of asian markets also broadly higher. the shanghai com
>>> you're watching "worldwide exchange." i'm ross westgate. your headlines today. the u.s. and uk governments agree there is no doubt the syrian regime used chemical weapons, raising expectations of a coordinated military response and pushing oil prices to two-year highs. >>> global markets continue to sell off as well on the prospect of further conflict in the middle east. emerging markets hit hardest. india's rupee plunges past 68 to the dollar. >>> weak shares buck the trend. a better than expected second half outlook as its cost cutting plan pays off. >>> and bond investors await answers from mark carney. the governor is expected to defend forward guidance in his first speech at the helm for at the bank of england. good morning to you. u.n. secretary-general ban ki-moon is delivering a speech from the hague to mark the 100th anniversary of the u.n. peace palace. reports that u.s. and allies are preparing for a potential attack. we'll keep our eyes on that. also coming up on today's show, we'll be out in berlin in a few minutes. we'll hear from a senior met of the social democr
>> president obama believes there must be accountability for those who would use the world's most heinous weapons against the world's most vulnerable people. >>> and u.s. treasury secretary jack lew issues a warning to congress, saying the u.s. could run out of cash to pay its bills by mid-october if they don't raise the debt ceiling. >>> all right, warm welcome to you. i am back. we kick off with the latest, probably the most important sentiment indicator in germany, the ifo business climate has risen. i'll tell you what it's risen to in a second, 107.5, a little higher than the forecast of 107. the consensus was for the current conditions index, 112. so, current conditions 112. the expectations component 103.3 in august versus the reuters consensus of 103, so a little bit broader. ifo has no revisions to the july indices. let's get a breakdown on this. on the phone from munich, an expert at the ifo institute, helped to compile this story. doctor, good to speak to you. it's been a while. thanks for joining us this morning. what's the key takeaway from what this survey says about
, particularly in europe, and also in the u.s. on the other hand, you see also a kind of slowdown in some traditional high growth emerging markets like brazil and marginally so in africa. >>> we speak to the ceo of rival carlsberg in just half an hour's time. that is a first on cnbc. >>> and a bailout bat unttle in german politics. wolfgang schaeuble breaks the party line saying greece could get another aid deal. >>> good morning, everyone. welcome to a brand-new edition of "worldwide exchange." the stoxx europe 600 is down around .1%. we're in a holding pattern ahead of the fomc minutes out later today. european markets are around a two-week low, after a big decline in yesterday's trading session and the picture is looking a little more mixed this morning. the xetra dax is off by .2%. the ftse 100, once again, underperforming. this market is now off some 3.5% this month alone. but today it is also being weighed down by some of the stocks which are trading ex-dividend. among them, hsbc. ftse mib seeing some bright spots, up by .3%. what is keeping us busy in europe is, of course, earnings
if it takes action on syria. that's the threat from president assad as u.s. experts are allowed now to visit the site of an alleged chemical attack. >>> you're watching "worldwide exchange," bringing you business news from around the globe. >> hi, everybody. welcome. you are watching "worldwide exchange." we're with you for the next two hours in good company, i hope. we've got a lot of guests lined up. and on today's show, despite the ongoing success of south korea's export economy, is it time for change? we have a special report in about 15 minutes' time on that front. >>> maverick australian billionaire clyde palmer is running to be the country's prime minister. can he succeed? we'll be hearing from down under at 10:30 cet. >>> this week we're also bringing you a whole series of reports on the risks and rewards of investing in frontier markets. this is interesting. >>> at 10:30, we'll kick off with a report on why frontier economies are avoiding the emerging market slump. >>> and do you remember when greece was key to europe's economic future? at 11:00 cet, tune in to hear why credit suiss
low until the middle of 2015. the dow is down 93 points in the end of the session. joining us for more is kevin doran, senior fund manager at branchially kimling. we did have u.s. stocks up record highs during the week. it sort of seems like we have been priced for perfection. what is the risk over the next couple of weeks, do you think? >> i think the risk you got over the next couple of weeks is the markets rely on easing, production of new money, and, of course, as the economy does pick up, you would think that would be good news. but market is interpreting that as bad news because that leads to a quicker taper. >> yeah. earnings, what do you think of earnings? >> earnings on the whole have been okay. really sector by sector. the banks have a strong reporting season. but elsewhere you're not seeing a lot of top line growth. it is a combination of cost causing measures, not great in terms of top line growth and that's causing pause in the main stable market. on the flip side, you have the banking sector which i consider one of the strongest reporting seasons for some time. >> we'll t
a situation in nigeria which is giving us some concern. >>> japan's top consumer electronics companies on the road to recovery. sony and sharp both deliver better than expected earnings. analysts aren't sure if that's enough. >>> warm welcome to the program. we kick off with eurozone manufacturing pmi growing for first time in two years in july. factory outputs surging. markets using pmi up to 53.3 in july. from june's 48.8. revised slightly higher from the preliminary reading of 50.1. and over that 50 threshold for the first time since july 2011. follows a string of fairly good or more promising economic data out of the eurozone. unemployment also falling slightly. did revise actually the june number. still near the record high. euro/dollar during the session tracking down, 1.3232. was 1.33 post the fomc and u.s. data as well. just got the greek component of that. it hit a 3 1/2 year high in july as well. so that little bit of data will play into the ecb's discussions. but by how much? jeff and annette are in frankfurt for us with the decision today. hello to you both. jeff? >> good m
the economy starting to stabilize. business expanding for the first time in 18 months. the market using composite purchase managing index up to 58.5 from 48.7 in june. breaks the 50 threshold for the first time since january 2002. headline figure revised up a tick from the permanent reading of 50.4. slightly better. that's just taken the euro/dollar to the best levels of the session at 132.89. below 133. trading tight ranges on euro/dollar. joining us is jonathan tapper. nice to see you today. the pmi is now almost just about in expansion territory for europe. are you confident that we finally got -- after two years we finally got some sustainable growth coming back? >> i think that this is a cyclical upturn. we are seeing some improvement. varying perceptions. the research firm i run, work with, we have leading economic indicators. what's interesting, a lot of this upturn is improvement we're seeing, was really flagged beforehand by the upturn in some of the leading indicators we had seen. so yield curves, steep end in europe. particularly last year after draghi's speech where he said
by more than 1% as investors price in a delay of any u.s. led strike. >>> indonesian central bankers hike their overneat benchmark interest rates 50 basis points to shore up investor confidence and curb their currency slide. >>> carrefour at the top of the cac quarante as they reap the benefits of its turn around plan. sales across europe sluggish despite the better performance in france. >>> all right. warm welcome to you. watching german -- german unemployment data is what we have got out. engineering orders have fallen 3% in july. and the central bank's forward guidance assures markets of low interest rates for the foreseeable future. what we're looking for is the unemployment jobless number. the jobless total down, sorry, up 7,000 versus reuters forecast for it to contract minus 5,000. the adjusted jobless rate, 6.8%, unchanged from july. plenty to get through today on the program. we'll continue our focus in germany. we head out to a siemens turbine plant to find out more about a job program that helps power the economy. annette is there. rather apropos. we'll speak to an asset manag
risks of another bailout. >>> second quarter greek gdp data is out in one hour from now. >>> u.s. authorities may be stepping up their criminal investigation of jpmorgan. reports say they may arrest two former employees for allegedly hiding the size of losses. >>> and prudential is expected to raise its dividends thanks to growth in its asian and u.s. businesses when it reports for top numbers in 50 minutes' time. we speak to the ceo first on cnbc. that's at 10:35 c.t. >>> you're watching "worldwide exchange," bringing you business news from around the globe. >> hello and good morning, everyone. ross is out on holiday this week, so i'll be filling in for him all this week. are emerging markets already a missed opportunity? at 10:20 c.t., very investigate the results that south africa may still hold a few diamonds in the rough. >>> drug crime has boomed globally despite continuing efforts of authorities. in the first episode in a week-long series on crime, we'll bring you a special reports on the drugs trade. >>> and greek gdp figures for the second quarter are released. >>> and t
.1% on the year. it was seen rising up .5% on the month, down 3.2% on the year. and, of course, that will set us up for the gdp a little bit later. we will be in italy ahead of that. also, as i say, on today's show, we'll speak to rbs. it won't be enough to topple the aleta coalition. low cast airline easy jet gets into the business. we'll look at the food revolution at 11:20. and amazon founder jeff bezos agreed to buy "the washington post," the paper battles falling circulation. what does this mean for the business of media? more analysis with bertha coombs from the states. and also, we take the pulse of the solar industry with edward guinness, ceo of guinness alternative energy fund. got any thoughts or comments, please e-mail us, worldwide@cnbc.com. we kick off in the corporate sector. a bit of a sell-off for want of a spin-off. sony shares dropping more than 5% after the japanese firm rejected investor dan loeb's plan to spin off part of its entertainment arm. some losses after the hedge fund said it would keep talking with sony to find more shareholder value. in a letter to third point, th
. the difference is in the u.s., you're trading on peek margins and high earnings. in europe, you're trading on return on equity levels around 450 basis points lower. they're trading on profitability levels. q-2 earnings season wasn't particularly great and on sales, it gives you the hope in demands. i would definitely be structured positive on european equities. the risk reward balance is slightly different. we have seen a big pickup in the macro indicators in europe, but still see the earnings creeping slightly lower. you probably need to get to pmis around 52. you see the contraction take off, then you start seeing a big pickup in european equities. >> we should be getting more earnings upgrades after this specific earnings season, after the run-up in economic data, right? >> should, but occasionally a lag. the big thing is on the conference calls, results on q-2, about the tone and conference of the management they give afterwards in the q&a sessions and that picked up dramatically. you haven't seen the pickup in earnings just yet. q-3 will be the first quarterly earnings season you'll s
in the earnings as the group's restructuring program takes hold. deutsche telekom betting big on the u.s. thanks to stronger customer growth in the market. the group is cutting its cash flow target as a result. investors are buying into the turn around. >>> hi, everybody. good morning. very glad that you're with us. we have a full two hours of "worldwide exchange" for you. i'm very pleased to be here for the next two hours alongside with a whole bunch of good guests. just before we get to the business aspect of today's session, i just want to tell you about some flashes that are coming through on the wires, where essentially we're seeing that an imminent quake warning has been issued for japan. they're sourcing nhk. the quake is centered in western japan. again, according to those sources. we'll continue to keep you updated on this story as we get the details through. but on to the show, we'll also be taking the pulse of the insurance sector as earnings at the uk's viva beat forecasts sending shares sharply higher. we'll bring you analysis on that at 10:20 cet. not so picture perfect. nikon's ea
fastest pace since january. >>> ahold's profit win, cost cuts help the bottom line, but a slowdown in u.s. sales. >>> corruption and murder and a fallen superstar, bo xilai contesting some of the charges against him. >>> france's foreign minister says the use of force may be needed in syria if a chemical weapon attack on civilians is confirmed. this as activists say that government forces continue to bombard damascus suburbs. >>> good morning, everyone. you're watching a brand-new edition of "worldwide exchange." i want to bring you eurozone august flash pmis. we see the eurozone private sector growth beating forecasts in july, for the august number we got the pmi of flash at 51.3. this is versus a forecast of 51.2. so that beats expectations. the july manufacturing pmi was 50.3. the august services pmi flash was estimated at 51. and -- no, the estimates, sorry, 51. the forecast was for 50.2. so, again, that looks to be better than expectations and this is, again, an uptick from the month of july. and this comes after we got those really strong numbers out of germany, slightly mixed numbe
the globe. u.s. expected to report a fourth straight month of solid job gains in july. another encouraging sign for the still sluggish economy. tough time to take over for new rbs. ross mckeown. shares sink near the bottom of the ftse despite the bank's pretax profit. the cfos told cnbc that the former prime minister has no influence on the company. >> we are a normal company. we have normal shareholders. the relationship between the company and shareholders is a normal relationship. >>> and the largest automaker reports strong profits in the quarter thanks to sales and a weaker yen. >>> welcome. we're into the last "worldwide exchange" of the week. on today's show, political unrest in egypt spooked many investors, but the country's finance minister has told this channel he's confident conditions will improve. yousef will join us with that exclusive interview at 11:45 cet. profits surged on a weaker yen, but can abenomics keep the currency trend in track? we'll talk about that in 30 minutes. motorola and google take the wraps off their first flagship phone, ebb terntering the crowd smartph
continue. the country's interim vice president resigns and protests the use of violence by the police. >>> stocks in europe follow asia lower after the dow suffers a triple digit decline as traders get increasingly nervous about the prospect of a fed tapering in september. >>> shares of cisco systems are tanking after the bellwether gives a dour outlook on the global economy and cuts 5% of its workforce. >>> zurich insurance net profit falls nearly 30%, hit by weather-related claims in the u.s. and europe. this as lower interest rates weigh on investments. >>> welcome to the show, everyone. let's get back to one of our top stories this morning. hundreds have been left dead and thousands injured after security forces broke up camps supporting the former president mohamed morsi. interim vice president and leading liberal voice in the country mohamed elbaradei resigned over the use of force. yousuf is in cairo. what is the latest on the ground? >> there is a relative return to calm in this part of cairo, but, of course, the country as a whole is in a state of emergency after clashes yest
.n. secretary-general warns of, quote, serious consequences if the use of chemical weapons in syria is proven, despite divisions in the security council ban ki-moon once again calls for immediate access to the alleged site. >>> good morning, everyone. good friday morning. it is the final trading day of the week. ross is still out on vacation. he will be back with you next week. meanwhile, let's come back to one of our top stories. nasdaq ceo in his first comments after the glitch that halted trading for three hours on thursday is calling for higher standards for exchanges. he tells the wall street journal, our systems and the industries have to get to a higher level of robustness. the journal reports nasdaq officials internally pointed to a connectivity problem with competing electronic exchange as the trigger for the technical issue that forced the trading halt. arkia wasn't named in the official statement and the they have declined comment. nasdaq officials believe they should have been able to manage the connectivity problems. reports say nasdaq was able to fichlt issue in 30 minutes but d
those big declines in yesterday's session. not just on the european markets and also in terms of the u.s. and asian session. we have upbeat earnings reports from the likes of moeller maersk. look at the shares right in the bottom left-hand corner, you see moeller maersk, the biggest gainer, up by 5.5%. this is after the company beat expectations with its second quarter numbers and also lifted its guidance for the shipping unit. we'll be talking much more about moeller maersk later on in the session. i want to show you what's going on in the european markets in more detail. the ftse 100 still seeing a little underperformance, but not flat versus the big declines over the two past trading days. it seems as though positive data in the uk is now back for the markets. we'll talk about the relationship in the show as well. the xetra dax is off by .3%. and are seeing similar percentage declines for the ftse mib, the ibex 35 pretty much flat. in the bond markets, we saw the big sell-off throughout this week with yields spiking for the treasuries, for the gilts and the bunds. yesterday, treasury
amid signs of a gathering economic recovery in the u.s. could a spike in yields upset the fed's tapering planning. we discuss the fed and fixed income plan at 1100 cet. >>> and the department of justice has takin the wind from under the wings of a proposed merger between usairways and american airlines. can the deal still proceed for takeoff? we'll take a bird's-eye view at 11:30 cet. if you have questions for anyone on the show, please do e-mail in your questions or comments to worldwide@cnbc.com. >>> let's get back to one of our top stories this morning. german chancellor angela merkel says the election will be a very close call as she made it clear she would not be complacent, despite her christian democrats increasing their lead over rival sbd in the polls. annetta, angela merkel so far in this election campaign has been very constrained in her wording. are the gloves finally coming off? is the tone getting more aggressive on her side as well? >> reporter: not really. i mean, she doesn't even take mr. steinbrech's name in her mouth and wouldn't spell out the expression gra
program. >> if things go as the committee expected, i would expect us to dial back. we'll have to see what the data and the feeling is between now and the time we next meet in september. >>> all right. warm welcome to you. the last "worldwide exchange" of the week. and we kick off with the iea. oil, latest oil report. wti futures narrowing the gap with brent amid surging u.s. refining runs and crude draws. they say global oil demand will accelerate in 2014 to 1.1 million barrels a day. that compares with .9 in 2014. the forecast of demand growth been trimmed slightly from previous estimates. global supply, they think will also increase just a little bit, led by higher nonopec production, dropped stronger in north america expected to lift its second half total average of 1.4 million barrels a day. opec crude supplies edged down in july, global refinery crude demand surging in june. it is by 3.1 million barrels per day, highest monthly increase on record. ahead of the autumn maintenance. that's the latest iea report. nymex trading at 10404. jason joins us now. good to see you. the monthly in
to making money in a ally? what's next, is cramer going to draw us a diagram explaining how to walk and chew gum at the same time? "mad potty training"? who needs help when the dow is up 200 points in a day? who needs help even better during a multiday run, a real buyfest? do you really need my advice to help you deal with what huge profits you might have? do we maybe in cramerica buy into stock sage biggie smalls' theory of mo money mo problems? absolutely not. but knowing how to approach a rally the right way can definitely make you a better investor. you have to have a game plan for rallies. and for those of you who've had your portfolios trashed so many times in the last two decades making sure that doesn't happen again, rebuilding your wealth on a sound basis, that's as important as it gets. sure, everybody makes money who is long, who owns stocks, in a big rally. right? i mean, it can feel like your portfolio's running itself. you don't have to pay any attention to it. but i'm not here tonight to talk about how to make the most possible money when the market is up big. honestly, i coul
: you have really helped my family and i appreciate it. >> thank you. >> caller: you always say to use limit orders but if i have been watching a stock and tracking it constantly and it finally hits the buy price that i want, wouldn't be it smart for me to use a market order if i feel it's gone down? or do you think i should wait for a limit order price? >> you have to wait. let me tell you why, some of the big declines we've had have been so fast and breathtaking that you get a report that you bought a stock at 20 and it's 15 because the machines went wrong. until they rule it has to be banned, i can't say yes to that kind of order. >> caller: you and your crew are fantastic. >> they are good. >> caller: my call today is on options. i hear on cnbc and sometimes on your show that options for a particular stock are expensive right now or reasonably priced right now. how would i know when options are reasonably priced or expensive? i've read all your books but i don't remember this being discussed. >> i addressed it in real money and also a little bit in getting back even but it's a grea
that one, put together with the strength in the yen, which i believe has us at the 97 level. that affected the stocks. every single secretarier y er s nikkei 225 in negative territory. all of this due to what with the fed tapering. >> it looks like indiscriminate selling in the asian tradie ini session and we have taken the cues from wall street and asia with the european trade off 1% for the stoxx europe 600. it is pretty clear investors are running for cover on the back of those fed tapering concerns. take a look at the individual indices. seeing big declines for the ftse mib in italy. this was the big performer yesterday on the back of political uncertainty. ftse 100 doing a little better, but up around .9%. couple of stocks we're focusing on today and the basic resources space, which is the biggest decliner in terms of the sectors here in europe, bhp billiton missing forecasts with a 15% fall in half year profit and the company said it will slow down a long awaited move into pot ash to curb spending over the next four years. glencore xstrata shares off by 3%. this company wrote down th
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